Mar 23, 2012 (LBO) – Sri Lanka’s car imports have begun to taper off after surging following tax cuts with sales of Malaysia’s Perodua rising rapidly in a market where Japanese and Indian brands hold sway. In brand new car imports, India’s Maruti/ Suzuki remained the most popular by far with registrations rising from 97 in March 2010 to 1,269 in February 2012, data compiled by a Colombo based stock brokerage shows.
Malaysia’s Perodua has emerged as the second most popular car, with numbers going up from 32 in March 2010 to 391 in February 2012, data from Sri Lanka’s motor vehicle registry published by JB Stockbrokers showed.
India’s Tata came next with the number of monthly registrations rising from a mere two cars in May 2010 to 323 in February 2012.
In reconditioned cars, Toyota was the most popular but its sales have been falling as new car import rose, the JB Stockbrokers report showed.
Toyota registrations have fallen to 599 in February 2012 from a peak of 2,368 in May 2011.
The growth in total car imports peaked around March 2011 after sharp cuts in import taxes some of which were later raised again although not to previous levels.
Imports of reconditioned cars also p